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Home Depot Announces Earnings

Home Depot (HD) announced that it earned $1.02 billion, or 68 cents per share for the quarter ending on February 3rd, versus $774 million, or 50 cents per share in the same period last year. Sales increased by 14% to $18.25 billion. Analyst had expected earnings of 64 cents per share on revenue of $17.7 billion. Gross margins increased to 35% from 34.9%, and same store sales grew by 7%. The company expects earnings per share of $3.37 for the year, below the $3.49 expected by analysts and same store sales growth of 3%.

Shares are higher in early trading.

Yesterday, rival Lowe’s (LOW) also announced earnings that beat analysts’ expectations, thanks to a boost in sales from rebuilding after Hurricane Sandy. The home improvement retailer has also been working to ramp up customer service and product selection.

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